Artificial intelligence-supported travel agency application maker Mondee Holdings Inc. filed for Chapter 11 protection in Delaware on Tuesday, revealing $358 million in debt and plans for a sale of its assets. The company has secured $49 million in financing from its existing lenders to support the bankruptcy process.
Mondee, which offers AI-backed services for travel agents and consumers, intends to use the bankruptcy process to test an acquisition offer submitted by TCW Asset Management Co. LLC and Wingspire Capital LLC. The company aims to complete the sale and emerge from bankruptcy by the second quarter of 2025.
Mondee’s newly-appointed CEO, Jesus Portillo, emphasized the company’s commitment to overcoming past challenges and positioning itself for future growth in the travel market. He expressed confidence in Mondee’s organizational culture and its ability to continue delivering high-quality products and services.
The company has secured $27.5 million in bankruptcy financing from existing secured lenders, in addition to $21.5 million in pre-bankruptcy financing.
